Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.065%

Price spread now: Bitget against Deribit−0.073%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bitget is 0.073% cheaper against Deribit than usual: you would sell low and buy high (spread −0.073% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 2.4 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.4657	0	get 0.0000% / 1h	20m 13s	$24K	$15K	10x
Short	Bitget PENDLEUSDT	2.4639	0.0100	get 0.0100% / 8h	2h 20m	$3.7M	$2.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee DeribitbpFee BitgetbpOrdersPrice spread, now −0.073%Rate

Funding earned: $21
Price spread: −0.073% → 0.000%: −$7.3
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$5.3
Costs to cover: 0.190%
Break-even: 8.8 days

Slippage unknown: Deribit: no order-book sample; Bitget: live order book, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Deribit no order-book sample	—	—	—	—	—
Sell Bitget live order book, 3 min ago	4.90 bp	19.6 bp −$20	50.6 bp −$506	doesn't fit	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

PENDLE on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective PENDLE/USDC PERP	−0.3926%	1h	2.4200	−1.853%	$2K	$54K	5.5x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4652	−0.020%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0019%	8h	2.4620	−0.150%	$723K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4563	−0.381%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	0.0000%	1h	2.4657	long leg	$24K	$15K	10x
BloFin PENDLE-USDT	+0.0016%	8h	2.4497	−0.649%	$1.1M	$602K	75x	as long as short
MEXC PENDLE_USDT	+0.0026%	8h	2.4660	+0.012%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0030%	8h	2.4656	−0.005%	$26.0M	$44.3M	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.4639	−0.074%	$158K	$577K	10x	as long as short
Reya PENDLERUSDPERP	+0.0075%	1h	2.4634	−0.094%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4646	−0.046%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4656	−0.004%	$520K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4589	−0.274%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4678	+0.085%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4624	−0.134%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4650	−0.028%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4680	+0.093%	$3.1M	$6.5M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4668	+0.045%	$870K	$555K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.4639	−0.073%	$3.7M	$2.3M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.4650	−0.028%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4491	−0.674%	$551K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4478	−0.724%	$24K	$372K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4500	−0.636%	$410K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4490	−0.677%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4654	−0.012%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4585	−0.292%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4651	−0.024%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4690	+0.134%	$157K	$527K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0749%	1h	2.4555	−0.414%	$356K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1180%	1h	2.4716	+0.239%	$116K	$262K	20x	as long as short